day of big rebound , page-9

Many Gold stocks are suffering last 6-12 months with similar % falls from recent highs.

NCM 41.27 Jul-11, now 21.15
RSG 2.21 Feb-12, now 1.27
SBM 2.58 Nov-11, now 1.30
KCN 9.50 Aug-11, now 4.86
SLR 3.87 Dec-11, now 2.68
MML 8.41 Sep-11, now 4.47
OGC 2.94 Jul-11, now 1.83
IGR 0.64 Dec-11, now 0.32
SAR 0.98 Dec-11, now 0.51
ALD 4.00 Sep-11, now 1.98

SBM 324m shares on issue
ALD 204m shares on issue

My understanding is

Merger: Valued @ 1.025 x 204m = $209m in cash + 0.8 x SBM for each ALD share = 0.8 x 204 = 163m new SBM shares. Is that right?

After merger SBM 324 + 163 = 487m shares on issue

Assuming a 1 billion MC then fair value is approx. $2.00-$2.05.

Before the merger SBM market cap was priced at 650-700m and ALD was at 300-350m.